Octopus offers to pay UK businesses to ease power usage at peak times

Octopus offers to pay UK businesses to ease power usage at peak times Businesses spending more than £20,000 a month on electricity can register their interest - Bookmark - CommentsGo to comments Become an Independent member to bookmark this article Already a member? Log in Large British firms are to be paid for cutting their electricity use at peak times under a new scheme from Octopus Energy. The company said its Octopus Peak Performance Programme will let businesses save or earn money by using less power during high-demand periods, or by moving tasks to times when renewable power is plentiful. Businesses spending more than £20,000 a month on electricity can register their interest from Thursday, Octopus said. Firms do not have to become Octopus Energy customers to take part, the company added. The scheme mirrors Octopus' existing Saving Sessions, which rewards households that reduce electricity use during peak times, often between 4pm and 7pm in winter. Alex Schoch, director of flexibility and electrification at Octopus Energy, said: “Octopus Peak Performance helps British businesses take back control of their energy bills. “Over a million Octopus households already get paid to adjust when they use electricity. “We’re bringing that same idea to businesses – helping them save money and become more competitive without disrupting day-to-day operations.” Octopus said the programme will aim to reduce Britain's reliance on gas and make better use of homegrown solar and wind power. Businesses on the scheme will be paid for every megawatt of power they shift, which the company said could earn them thousands, or even tens of thousands of pounds a year. Octopus Energy For Business customers who join will be able to pair the programme with smart tariffs to increase their savings. One option is the Shape Shifters tariff, which is already helping many businesses cut their annual electricity bills by using power at cheaper, greener times. Once a firm has registered its interest, Octopus will assess it case by case to understand its energy use and whether the programme can help reduce it at peak times without affecting the business. The programme will be run by Voltus, a US company that already helps businesses earn revenue from energy flexibility in North America. The UK launch marks Voltus' first move into the market. The launch comes as British businesses face some of the highest industrial electricity prices in Europe, driven by the country's reliance on volatile gas prices. Those gas prices have surged in recent months because of supply disruptions caused by the Iran war. Electricity prices are set by the last power station to come online to meet demand, which is often a gas plant, especially during busy periods or when little sun or wind reduces renewable output. The UK's electricity grid operator has also faced growing challenges balancing supply and demand this year amid transmission bottlenecks, extreme weather events and the increase in intermittent renewable generation. Marissa Galizia, senior director of partnerships at Voltus, said: “Britain's grid is under strain, and energy flexibility from businesses is one of the fastest ways to ease it. “Through this new service with Octopus, commercial and industrial businesses have a way to provide it and earn revenue for doing so.” Join our commenting forum Join thought-provoking conversations, follow other Independent readers and see their replies Comments [Image text:] MEGAFONE RECOK STORE TVIDUA Zizzi NIDUA Zizzi ALA NEWITI od0y55 liver ond bacon erved. coith ried onion noshed eossqm ototo